cryptocurrency exchange in India CoinDCX has developed the Okto wallet into an ecosystem, and on Tuesday, it will introduce a blockchain, a token, and a points system. Its co-founders, Neeraj Khandelwal and Sumit Gupta, stated in a recent interview that the goal is to provide customers throughout the world with a single-click mobile experience while navigating the Web3.
The goal of Okto’s point system is to raise capital for the later 2024 launch of the Okto blockchain. Additionally, the OKTO token launch, which powers that chain, will take place at that time.
Users will be rewarded for their on-chain transactions through the points programme, and by transferring assets to the Okto Wallet, traders who deal elsewhere can earn additional points. Early users will receive an airdrop of up to 7% of the OKTO token.
To make the switch from cryptocurrency to DeFi easier for users, CoinDCX released Okto, a DeFi mobile app with built-in wallet, in August 2022. In order to engage the next billion Web3 users, it has spent the last almost two years testing solutions to the issue of a broken user experience.
According to Khandelwal, the self-custody wallet experience was totally broken and required users to overcome a number of Web3-specific obstacles, including security and trust, self-custody, blockchain, signing transactions, and gas fees. “Okto is the first such system that offers a single-click mobile experience in the Web 3 that is similar to that of the Web 2.” Working on an internal solution to expedite the use of DeFi’s numerous pieces was the first step towards realising the idea of a native experience.
Phase two involved centrally distributing the solution to external entities in an SDK (software development kit), which is a collection of software development tools. As a result, programmers may create apps without having to learn the nuances of every blockchain.
The Okto Web3 SDK, an industry-first embedded wallet that enables any app or internet enterprise to fully harness the promise of Web3, was introduced in Phase 2 by Khandelwal, following the difficulties encountered in constructing a full chain abstracted Okto wallet. “An entire Okto ecosystem is currently being built by us.” Co-founder of CoinDCX Sumit Gupta stated, “We thought all CeFi platforms would eventually have a DeFi arm.” “Thousands of applications being developed will be powered by the Okto Chain.”
Over 20 apps are being developed using the SDK, over 50 chains and protocols have been merged, and on what is referred to as the “Okto Orchestration Layer,” over a million wallets have been generated. Khandelwal stated, “We hope to land several partnerships to help us make this globally ubiquitous. We are not just targeting one partner or ecosystem.” However, he did not name any particular organisation.